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Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the terms and fair value of the Company’s derivative financial instruments as of December 31, 2024 (amounts in thousands):

Instrument		Number of Swap Agreements		Associated Debt Instrument		Effective Date		Maturity Date		Notional Amount (1)				Fair Value (2)
Interest rate swap		1		$200.0 Million Term Loan		Jan-24		Jan-29		$	200,000			$	2,628
Interest rate swaps		3		$50.0 Million Term Loan		Jan-24		Nov-26			50,000				131
Interest rate swaps		3		$100.0 Million Term Loan		Jan-24		Feb-27			100,000				368
Interest rate swaps		7		$50.0 Million Term Loan		Jan-24		Aug-27			50,000				339
Interest rate swaps		7		$110.0 Million Term Loan		Jan-24		Feb-28			110,000				1,026
Interest rate swaps		4		$300.0 Million Term Loan		Jul-24		Jan-29			300,000				1,623
Interest rate swap		1		$50.0 Million Term Loan		Sept-24		Jan-29			50,000				1,124
										$	860,000			$	7,239

(1)These interest rate swap agreements utilize a one-month SOFR CME index.

(2)Included within Other assets on the Company’s Consolidated Balance Sheets. The Company classifies the interest rate swaps as Level 2 and the fair value of the interest rate swaps are measured on a recurring basis, see Footnote 18 of the Notes to Consolidated Financial Statements.

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The table below details the location in the financial statements of the gain/(loss) recognized on interest rate swaps designated as cash flow hedges for the year ended December 31, 2024 (amounts in thousands):

		Year Ended December 31, 2024
Amount of gain recognized in AOCI on interest rate swaps, net		$	16,585
Amount reclassified from AOCI into income as Interest expense		$	9,346
Total amount of Interest expense presented in the Consolidated    Statements of Income in which the effects of cash flow hedges    are being recorded		$	(307,806	)

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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